Financial Aid 101 Paying for College

Transcription

1 Financial Aid 101 Paying for College

2 Contact Info (c) You Tube, Twitter,Facebook: EFarmerTSACSE

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5 Financial Aid Terms COA cost of attendance; varies by institution EFC expected family contribution; number derived from the FAFSA and used to determine need based aid eligibility FAFSA Free Application for Federal Student Aid FSA ID used to electronically log into and sign the FAFSA SAR student aid report; summary of FAFSA information Grant free money based on need Loan money borrowed that must be paid back with interest Scholarship free money awarded on the basis of merit, skill, or unique characteristic Verification random audit of FAFSA Work study money received from on campus employment

6 Cost of Attendance Direct Costs Tuition Room & Board Fees Indirect Costs Books Travel Personal

7 Cost of Attendance 2-yr Public 4-yr Public TN Private; Out of State Tuition/Fees $3,853 $11,246 $43,838 Room/Board $7,200 $10,296 $14,382 Books/Supplies $1,400 $1,582 $1,370 Transportation $2,200 $1,664 VARIES Miscellaneous $1,450 $4,002 $2,730 COA $16,103 $28,790 $62,320

8 Financial Aid Sources State Private Federal Institutional Package

9 Institutional Aid Academic Need-Based Performance Attribute Competitive? Renewable? Deadlines Determined by the EFC College may use Institutional Methodology Art Athletic Major Music Theatre Church affiliation Alumni Diversity Sibling

10 Private Aid School counselor Other high school websites

11 FAFSA Available October 1, 2016 Students AND parents possessing valid Social Security Numbers must create FSA ID usernames/passwords (fsaid.ed.gov) to sign electronically Most students and parents will submit FAFSA using IRS Data Retrieval Tool to upload 2015 tax information

12 FAFSA 101 A student must possess a valid SSN and be a U.S. citizen or an eligible noncitizen as defined by FAFSA A U.S. permanent resident, with a Permanent Resident Card (I-551), or a conditional permanent resident with a Conditional Green Card (I-551C) Other eligible noncitizen with an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any one of the following designations: Refugee, Asylum Granted, Parolee (I-94 confirms that you were paroled for a minimum of one year and status has not expired), T-Visa holder (T-1, T-2, T-3, etc.), or Cuban-Haitian Entrant The holder of a valid certification or eligibility letter from the Department of Health and Human Services showing a designation of Victim of human trafficking A resident of the Republic of Palau (PW), the Republic of the Marshall Islands (MH), or the Federated States of Micronesia (FM) A Canadian-born Native American under terms of the Jay Treaty

13 FAFSA 101 A student will NOT qualify for federal or state aid if he or she has Been granted Deferred Action for Childhood Arrivals (DACA) A F1 or F2 student visa A J1 or J2 exchange visitor visa A G series visa (pertaining to international organizations) Other categories not included under U.S. citizen and eligible noncitizen

14 Selective Service males only; register me Grade level never attended college/1 st yr. Degree 1 st bachelor s degree, associate degree, certificate or diploma Work-study yes Dependency status see Do I Have To Provide My Parents Info On The FAFSA infographic Parent information see Who Is My Parent When I Fill Out My FAFSA infographic

15 Dependency?s 24 or older? Married? Master s or Doctorate? U.S. Armed Forces? Veteran? Children/dependent receiving ½ their support from you? Since you turned 13, were both parents deceased, foster care, or ward of the court? Emancipated? Legal guardianship? Unaccompanied youth who was homeless?

16 Selective Service males only; register me Grade level never attended college/1 st yr. Degree 1 st bachelor s degree, associate degree, certificate or diploma Work-study yes Dependency status see Do I Have To Provide My Parents Info On The FAFSA infographic

17 FAFSA 101 The following people are NOT your parents unless they have legally adopted you Widowed Stepparent Grandparents Foster Parents Legal Guardians Older Brothers or Sisters Aunts or Uncles

18 FSA ID Student and parent should keep record of usernames, passwords, and challenge? answers

19 *Required *Click Show Text

20 *Required mm/dd/yyyy *Click Show Text

21 *Click Show Text *Must create mm/dd/yyyy

22 FSA ID Issues Login to fsaid.ed.gov using the Edit My FSA ID tab and review/update your info. Contact FSA at

23 IRS Data Retrieval

24 IRS Data Retrieval

25 IRS Data Retrieval

26 Verification is the process by which the federal government asks students and their parents for additional information to verify the accuracy of FAFSA information. If you are selected for verification, you are not alone! About 30% of students are chosen to complete this process.

27 Verification is the process by which the federal government asks students and their parents for additional information to verify the accuracy of FAFSA information. If you are selected for verification, you are not alone! About 30% of students are chosen to complete this process.

28 Verification is the process by which the federal government asks students and their parents for additional information to verify the accuracy of FAFSA information. If you are selected for verification, you are not alone! About 30% of students are chosen to complete this process.

29 IRS Data Retrieval Who may not be able to use IRS Data Retrieval Tool if the following applies to them Filed taxes as married filing separately Married and filed taxes as Head of Household Filed an amended tax return The address on the FAFSA is different from the address on your tax return Current marital status is different than it was the previous year Filed a Puerto Rican or foreign tax return Parent marital status is unmarried and both parents living together

30 Student Aid Report Notification of FAFSA processing results via (if provided on FAFSA) or paper (if not provided on FAFSA) or login to Review data for accuracy SAR will also indicate whether the student has been selected for verification

31 FAFSA 101 Parents who do NOT possess valid SSNs Will NOT be able to create FSA IDs Will enter as their SSNs on the FAFSA Must select print a signature page option, print, sign, and then mail the signed page for student s FAFSA to process

32 FAFSA 101 Parents who do NOT possess valid SSNs Will NOT be able to create FSA IDs Will enter as their SSNs on the FAFSA Must select print a signature page option, print, sign, and then mail the signed page for student s FAFSA to process

33 Federal Aid Pell FSEOG Work Study $598 - $5,815 $100 - $4,000 Amount Varies EFC Need based Exceptional financial need Typically paid to student

34 Federal Aid Subsidized Stafford Unsubsidized Stafford Parent PLUS 4.29% fixed 4.29% fixed 6.84% fixed Interest does not accrue while enrolled at least ½ time Interest begins accrual at disbursement Interest begins accrual at disbursement

35 State Aid (2-yr) HOPE Scholarship GAMS Aspire Award $1,500 per semester $500 per semester $250 per semester 21 ACT or 1060 SAT* or 3.0 GPA* 29 ACT or 1340 SAT* & 3.75 GPA* Parents AGI <=$36,000

36 State Aid (4-yr) HOPE Scholarship $1,750/sem then $2,250/sem 21 ACT or 1060 SAT* or 3.0 GPA* GAMS $500 per semester 29 ACT or 1340 SAT* & 3.75 GPA* Aspire Award $750 per semester Parents AGI <=$36,000

37 State Aid HOPE Access Wilder- Naifeh TSAA $875 or $1,250 per semester $2,000/ academic year $1,000 $4,000 per academic year 18 ACT & 2.75 GPA* & Parent AGI <=$36,000 Certificate/ Diploma TCAT EFC January 17

38 TN Promise Checklist Apply to the Tennessee Promise program at by November 1, 2016 Complete FAFSA at by January 17, 2017 Attend two mandatory meetings as coordinated by the county s partnering organization Complete 8 hours of community service between November 2, 2016 July 1, 2017 Students selected for FAFSA verification must submit material to the college by July 15, 2017

39 TN Promise Examples A B C 2-yr Tuition $4,000 $4,000 $4,000 HOPE/Pell/TSAA -$8,000 -$3,000 $0 Gap $0 $1,000 $4,000 TN Promise $0 Tuition $0 $1,000 $0 $4,000 $0

40 Outreach Division

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